Want to be an Actuary or business Analyst. Becoming an actuary Colin O’Hare, Actuarial Studies Director – 2nd August 2015 Actuarial Studies at Monash

What is an actuary? Who becomes an actuary? “Making financial sense of the future” Actuaries are people who evaluate risk and opportunity They are people with good mathematical, strategic, problem solving and communication skills They apply modelling and forecasting concepts from mathematics and statistics to real life scenarios Why become an actuary https://www.youtube.com/watch?v=tgSHIvTc5ws

Why become an actuary? Some of the reasons Challenging career Excellent career opportunities Money, money, money Travel Job security Making a difference Being an actuary is a globally recognised profession with high (increasing) demand and influence

A small profession…

…with great career prospects Actuary ranked as the top career (out of 200 professions) 2015. Actuarial jobs the most difficult to fill Not just life and pensions insurance any more.

A variety of work opportunities General insurance reserving and life insurance Superannuation advice Carbon trading advice Car insurance premium Data analytics Marketing Sustainability Actuaries work across a number of sectors including finance, insurance, government, health, education, marketing and a range of other industries. Industry placement Previous host employers include: L’Oreal, ANZ, Westpac, Mondelez, Mars, Deloitte, EY, KPMG, PwC, DDB, government departments and private consultancies. Up to 90% of students who undertake an internship receive a job offer from the sponsoring organisation upon completion of their degree (Australian Accounting Review 2009) Extra/Co-curricular activities and support Peer Ambassadors Leaders Program (PAL) Course advice and academic support (SMART Program) Study resources Careers and employment services Professional transitions program Clubs and societies Volunteer opportunities.

The skills that make a good actuary Some of the skills Mathematical skills (problem solving, probability and statistics, calculus…) Computing skills (programming, model building,…) Business awareness (finance, accounting, management, marketing…) Soft skills (Communication, writing skills, presentational skills…) Experience and judgement It’s more than just mathematics and finance

Actuarial science Actuarial studies Econometrics Broad knowledge base Accredited program Actuarial science Actuarial studies Identify, quantify and manage financial and other types of risk Advice on long term and short term liabilities Define, analyse and solve complex problems Provide regulatory and high value corporate and trustee advice Strategic planning ….(and more)

Study options at Monash Commerce Specialist Bachelor of Actuarial Science Smaller core, more elective space Bachelor of Commerce Actuarial studies major Larger core in year 1

What are you learning in actuarial science? Financial mathematics and discounting of cashflows General finance (asset clsses, terminology, characteristics…) General macro and micro economics Actuarial modelling, single and multi decrement modelling Statistics and application to modelling frequency and severity in short term insurance Contingent events and long term pricing and reserving Financial stochastic modelling and interest rate modelling

The profession and Accreditation Fellow Institute of Actuaries Australia Parts 1, 2 and 3 must be completed A specialist qualification at the top of the profession Certain regulatory role reserved for FIAAs only Associate of Institute of Actuaries Australia Parts 1 and 2 must be completed A more generalist qualification Associates have all the technical abilities ..not necessarily the higher level business skills Monash is fully accredited for part 1 and part 2 of the professional examinations Students must achieve a Distinction mark on the corresponding course to receive exemption from the professional examination

Accreditation FIAA or AIAA (Parts 1,2 and 3 or just Parts 1 and 2) FIAA – Specialist AIAA - Generalist They apply modelling and forecasting concepts from mathematics and statistics to real life scenarios Actuarial careers landed the top spot in a 2013 study of the best jobs to have by the Wall Street Journal’s job site Careercast.com. Why become an actuary https://www.youtube.com/watch?v=tgSHIvTc5ws

Monash professional accreditation Professional exam CT1 - Financial Mathematics CT2 - Finance and Financial Reporting CT3 - Probability and Statistics CT4 – Models CT5 – Contingencies CT6 - Statistical Methods CT7 - Business Economics CT8 - Financial Economics Part 2(a) – Actuarial control cycle Part 2(b) - Investments Corresponding Monash unit(s) BFC2340 ACC1000 (40%),  & BFC2140 (60%) ETC1000 (25%) & ETC2520 (75%) ETC2430 (65%) & ETC3430 (35%) ETC3430 (35%) & ETC3530 (65%) ETC2420 (50%) & ETC3420 (50%) ECC1000 (55%), ECC1100 (45%) ETC3460 (50%) & ETC3510 (50%) ETC4110 (50%) & ETC4120 (50%) ETC4130 (100%)

Proposed pathway Presentation title

Must work hard from day one, and what does work hard mean anyway?

Our accreditations include: Presentation title